Martin Shkreli Has Bail Revoked, Heads to Jail

Martin Shkreli, during an interview last month on Fox Business Network. (AP Photo/Richard Drew, File)

Former pharmaceuticals company CEO Martin Shkreli had his bail revoked and was headed to jail Wednesday while awaiting sentencing for a securities-fraud conviction.

A judge heard arguments about whether the provocative online antics of Shkreli, dubbed the Pharma Bro, were bad enough to put him behind bars and decided to have him taken into custody immediately.

A defense attorney had argued in court papers that Shkreli’s recent threat to Hillary Clinton was merely a tasteless joke, not a threat worthy of putting him behind bars.

“Indeed, in the current political climate, dissent has unfortunately often taken the form of political satire, hyperbole, parody or sarcasm,” wrote the lawyer, Ben Brafman. “There is a difference, however, between comments that are intended to threaten or harass and comments — albeit offensive ones — that are intended as political satire or strained humor.”

The attorney was responding to government filings last week that argued Shkreli’s behavior was threatening enough to jail him while he awaits sentencing for his securities fraud conviction. Prosecutors said the posting prompted the Secret Service to use more resources because it ran the risk that many of Shkreli’s social-media followers would think he was serious.

The judge ruled Wednesday that Shkreli’s online post was “solicitation of an assault,” which is not protected by the First Amendment, and that there’s “a risk someone may take” Shkreli up.

Shkreli, who is best known for hiking up the price of a life-saving drug and for trolling his critics on social media, was found guilty last month on charges, unrelated to the price-fixing scandal, that he cheated investors in two failed hedge funds he ran. The defense had argued that investors got their original investments back and even made hefty profits.

Shkreli, who was acquitted of the most serious charge he faced, has said he feels “exonerated” and thinks there’s a “50-50 chance” he won’t face any punishment.